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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2018
Long-term Debt [Abstract] |
Schedule of Long-term Debt Instruments [Table Text Block] |
| Weighted average interest rate (1) |  |  |  |  |
millions of Canadian dollars | 2018 | 2017 | Maturity | 2018 | 2017
Emera |  |  |  |  |  |  |
Bankers acceptances, LIBOR loans | Variable | Variable | 2020 | $ | 339 | $ | 133
Unsecured fixed rate notes | 3.50% | 3.50% | 2019-2023 |  | 725 |  | 725
Fixed to floating subordinated notes (USD) | 6.75% | 6.75% | 2076 |  | 1,637 |  | 1,505
|  |  |  | $ | 2,701 | $ | 2,363
Emera US Finance LP |  |  |  |  |  |  |
Unsecured senior notes (USD) | 3.60% | 3.60% | 2019 - 2046 | $ | 4,434 | $ | 4,077
TECO Finance (2) |  |  |  |  |  |  |
Variable rate notes (USD) |  | Variable | 2018 | $ | - | $ | 314
Fixed rate notes and bonds (USD) | 5.15% | 5.15% | 2020 |  | 409 |  | 376
|  |  |  | $ | 409 | $ | 690
Tampa Electric (3) |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.64% | 4.75% | 2021 - 2049 | $ | 3,126 | $ | 2,410
PGS |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.66% | 5.06% | 2021 - 2049 | $ | 425 | $ | 328
NMGC |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 4.53% | 4.53% | 2021 - 2026 | $ | 368 | $ | 339
NMGI |  |  |  |  |  |  |
Fixed rate notes and bonds (USD) | 3.41% | 3.41% | 2019 - 2024 | $ | 273 | $ | 251
NSPI |  |  |  |  |  |  |
Discount notes | Variable | Variable | 2023 | $ | 516 | $ | 364
Medium term fixed rate notes | 5.73% | 5.73% | 2025 - 2097 |  | 1,965 |  | 1,965
Fixed rate debenture | 9.75% | 9.75% | 2019 |  | 95 |  | 95
|  |  |  | $ | 2,576 | $ | 2,424
Emera Maine |  |  |  |  |  |  |
LIBOR loans and demand loans | Variable | Variable | 2023 | $ | 28 | $ | 51
Secured fixed rate mortgage bonds (USD) | 9.74% | 9.74% | 2020-2022 |  | 68 |  | 63
Unsecured senior fixed rate notes (USD) | 4.23% | 4.15% | 2022 -2048 |  | 382 |  | 294
|  |  |  | $ | 478 | $ | 408
EBP |  |  |  |  |  |  |
Senior secured credit facility | 3.08% | 3.08% | 2022 | $ | 248 | $ | 248
GBPC |  |  |  |  |  |  |
Amortizing fixed rate notes (USD) | 3.83% | 3.77% | 2021-2022 | $ | 114 | $ | 78
Senior notes (USD) | 7.07% | 7.07% | 2020-2023 |  | 68 |  | 88
|  |  |  | $ | 182 | $ | 166
ICDU |  |  |  |  |  |  |
Fixed rate note (USD) | 4.00% | - | 2023 | $ | 24 | $ | -
BLPC & ECI |  |  |  |  |  |  |
Secured senior notes (USD) | Variable | Variable | 2021 |  | 159 |  | 168
Secured fixed rate senior notes (4) | 4.74% | 5.06% | 2020 - 2035 | $ | 99 | $ | 76
|  |  |  | $ | 258 | $ | 244
Adjustments |  |  |  |  |  |  |
Fair market value adjustment - TECO Energy acquisition (5) |  |  | $ | 22 | $ | 31
Debt issuance costs |  |  |  |  | (113) |  | (98)
Amount due within one year |  |  |  |  | (1,119) |  | (741)
|  |  |  | $ | (1,210) | $ | (808)
Long-Term Debt |  |  |  | $ | 14,292 | $ | 13,140
(1) Weighted average interest rate of fixed rate long-term debt.
(2) TECO Energy is a full and unconditional guarantor of TECO Finance’s securities, and no subsidiaries of TECO Energy guarantee TECO Finance’s securities.
(3) A substantial part of Tampa Electric’s tangible assets are pledged as collateral to secure its first mortgage bonds. There are currently no bonds outstanding under Tampa Electric’s first mortgage bond indenture.
(4) Notes are issued and payable in either USD, BBD or East Caribbean Dollar (XCD).
(5) On acquisition of TECO Energy, Emera recorded a fair market value adjustment on the unregulated long-term debt acquired. The fair market value adjustment is amortized over the remaining term of the debt.
The Company’s total long-term revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows:
millions of Canadian dollars | Maturity |  | 2018 |  | 2017
Emera – revolving credit facility (1) | June 2020 | $ | 900 | $ | 900
NSPI - revolving credit facility (1) | October 2023 |  | 600 |  | 600
Emera Maine – revolving credit facility | February 2023 |  | 109 |  | 100
BLPC – revolving credit facility | 2021 - 2022 |  | 26 |  | 24
Total |  |  | 1,635 |  | 1,624
Less: |  |  |  |  |
Borrowings under credit facilities |  |  | 899 |  | 598
Letters of credit issued inside credit facilities |  |  | 77 |  | 44
Use of available facilities |  |  | 976 |  | 642
Available capacity under existing agreements |  | $ | 659 | $ | 982
(1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $50 million.
Schedule of Debt Conversions [Table Text Block] |
|  |  | As at
| Financial Covenant | Requirement | December 31, 2018
Emera |  |  |
Syndicated credit facilities | Debt to capital ratio | Less than or equal to 0.70 to 1 | 0.60 : 1
Schedule of Maturities of Long-term Debt [Table Text Block] |
millions of Canadian dollars | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Emera | $ | 225 | $ | 339 | $ | - | $ | - | $ | 500 | $ | 1,637 | $ | 2,701
Emera US Finance LP |  | 682 |  | - |  | 1,023 |  | - |  | - |  | 2,729 |  | 4,434
TECO Finance |  | - |  | 409 |  | - |  | - |  | - |  | - |  | 409
Tampa Electric |  | - |  | - |  | 315 |  | 307 |  | - |  | 2,504 |  | 3,126
PGS |  | - |  | - |  | 64 |  | 34 |  | - |  | 327 |  | 425
NMGC |  | - |  | - |  | 273 |  | - |  | - |  | 95 |  | 368
NMGI |  | 69 |  | - |  | - |  | - |  | - |  | 204 |  | 273
NSPI |  | 95 |  | - |  | - |  | - |  | 516 |  | 1,965 |  | 2,576
Emera Maine |  | - |  | 41 |  | - |  | 123 |  | 28 |  | 286 |  | 478
EBP |  | - |  | - |  | - |  | 248 |  | - |  | - |  | 248
GBPC |  | 17 |  | 50 |  | 37 |  | 33 |  | 45 |  | - |  | 182
ICDU |  | - |  | - |  | - |  | - |  | 24 |  | - |  | 24
BLPC & ECI |  | 31 |  | 59 |  | 30 |  | 13 |  | 25 |  | 100 |  | 258
Total | $ | 1,119 | $ | 898 | $ | 1,742 | $ | 758 | $ | 1,138 | $ | 9,847 | $ | 15,502

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